I created this course to be a blessing to you! Everyone can join for free.
THE MOST IMPORTANT THING we will discuss! We will use your 'number' throughout the rest of our time together!
(Read more in the course here: https://www.caseycolecorbin.com/building-1st-generation-wealth-from-scratch )
How many months wealthy are you?
What Is Wealth? Here's a couple of definitions of wealth:
Wealth measures the value of all the assets of worth owned by a person, community, company, or country. Wealth is determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts.
When Robert Kiyosaki (the author of the first book reading for this program) was a young boy, his rich dad told him about the difference between being rich vs being wealthy. “Many people think that being rich and being wealthy are the same thing,” said rich dad. “But there is a difference between the two: The rich have lots of money but the wealthy don't worry about money.”
There are many more definitions or ways of thinking about the word 'wealth'. But for our purposes, we are going to keep it practical by reducing the whole concept of wealth down to a simple number. This number is your scorecard! You can share with others. It will help you to gain accountable relationships where you keep them updated on your wealth based on your number. What is this number? It's the number of months you could live at your current spending if you stopped working.
By working, we mean trading hours for dollars -or a job.
By current spending, we mean your total monthly expenses.
Most people think about what they have in savings and say, "I could live 6 months with what I have in savings." While savings is great, and other assets that you could sell to live on is good too, we want to focus on passive income.
Passive Income is income that you do not have to work hourly to receive. Much more about that in later Modules. I'll share a personal example. My hope is that if I get real and open and honest you will too.
But first, by now, you can probably see where we are going with all this. To attain more wealth, you can make some choices to either increase your passive income or decrease your monthly expenses. Doing either or those -or both- will increase your WEALTH NUMBER!
For example, I own a small business in Tifton, GA, that I have hired two competent employees to run. They are so good that I have not set foot in the building in over five years. I write two paychecks a month, and that is all my effort. The net profit that I keep is around $1,000 a month.
My monthly expenses are around $4,000 a month. So I am 25% there! If I can find other ways to generate the remaining $3K in passive income, then wealth number becomes infinite! Why, because my passive income covers my monthly expenses. I don't have to work again! This is freedom!
So we have two goals:
1- decrease spending
2- increase income
We decrease our spending by living more wisely financially.
We increase income with the goal of gaining passive income. Lot's more about how anyone can do that later. My example was using a small business. Investments, such as real estate, is another great example.
(This is me being transparent again...) I have six streams of income. When I got fired 6 years ago, I determined never to be dependent on one employer or only one source of income again! Some of my six are passive income and some I still have to work a number of hours a month to produce income. My goal is to increase passive income and decrease trading hours-for-dollars.
Yes, if I can do this, anyone can do this. My son Cole sold fidget spinners illegally at school. At 10 years old, he made $400 one school year doing this. He got the idea to become the 'drug lord' of fidget spinners and create a mafia of fidget spinners dealers. He was the main supplier, dispersed the goods to dealers, and they got a cut of the proceeds. The back story was I am always researching trends. I knew we had less than a year before Walmart started stocking fidget spinners. I bought them for $1 each from Wish.com and aliexpress.com and Cole sold them for $10. Not a bad margin. Once the product crosses the 'Walmart line' you are through though! (We still have a few of the unsold spinners around the house.)
Cole received Passive Income when others sold his product. Since there was nearly an infinite supply and nearly an infinite amount of kids willing to sell them, there was also the potential for nearly infinite profit. Even my 10-year-old was starting to see he could pay someone else to take over his work of running his little enterprise, and he could be out of the rat race. Someone else could place product orders, distribute them to the dealers, keep the records, etc. He could delegate all his hourly functions to others. This was a paradigm shift for him! I wish we all could have this mindset change at 10 years old!
Join this FB Group and watch the video here:
https://www.facebook.com/groups/weathychristian/posts/825806885237577/?__cft__[0]=AZUmUMDOQZaBrxoyN7hGGAlgMFdafbXZIsws1igDG8qZ3dKjwQnC_lVIovWKha30PARUtzJsAETRr-q1ouPm4PLww0EXa-wBdfNDcOW5wZ38Z90VBncv8O_GzLjhmi0fdXzldtf09XJYTAwckJoqgMFck5p61VgO2nN-kFfYuJq4ENt8sf5vPcJkzcMACoH-LyDNDHA62tHvQx-NyZ5XnvKD&__tn__=%2CO%2CP-R